2008 Tax Rates Note: IRS Tax Tables must be used for taxable income less than $100,000. Taxable Income times Rate minus $ Amount equals Tax       Single       $0 to $8,025 x 10% minus $0.00 = Tax      $8,026 to $32,550 x 15% minus $401.25 = Tax     $32,551 to $78,850 x 25% minus $3,656.25 = Tax     $78,851 to $164,550 x 28% minus $6,021.75 = Tax     $164,551 to $357,700 x 33% minus $14,249.25 = Tax     $357,701 and over x 35% minus $21,403.25 = Tax     Married Filing Jointly or Qualifying Widow(er)   $0 to $16,050 x 10% minus $0.00 = Tax     $16,051 to $65,100 x 15% minus $802.50 = Tax     $65,101 to $131,450 x 25% minus $7,312.50 = Tax     $131,451 to $200,300 x 28% minus $11,256.00 = Tax     $200,301 to $357,700 x 33% minus $21,271.00 = Tax     $357,701 and over x 35% minus $28,425.00 = Tax     Head of Household    $0 to $11,450 x 10% minus $0.00 = Tax     $11,451 to $43,650 x 15% minus $572.50 = Tax     $43,651 to $112,650 x 25% minus $4,937.50 = Tax     $112,651 to $182,400 x 28% minus $8,217.00 = Tax     $182,401 to $357,700 x 33% minus $17,437.00 = Tax     $357,701 and over x 35% minus $24,591.00 = Tax       Married Filing Separately       $0 to $8,025 x 10% minus $0.00 = Tax       $8,026 to $32,550 x 15% minus $401.25 = Tax       $32,551 to $65,725 x 25% minus $3,656.25 = Tax       $65,726 to $100,150 x 28% minus $5,628.00 = Tax       $100,151 to $178,850 x 33% minus $10,635.50 = Tax       $178,851 and over x 35% minus $14,212.50 = Tax   2007 Tax Rates Note: IRS Tax Tables must be used for taxable income less than $100,000. Taxable Income times Rate minus $ Amount equals Tax   Single           $0 to $7,825 x 10% minus $0.00 = Tax      $7,826 to $31,850 x 15% minus $391.25 = Tax      $31,851 to $77,100 x 25% minus $3,576.25 = Tax     $77,101 to $160,850 x 28% minus $5,889.25 = Tax     $160,851 to $349,700 x 33% minus $13,931.75 = Tax     $349,701 and over x 35% minus $20,925.75 = Tax                Married Filing Jointly or Qualifying Widow(er)     $0 to $15,650 x 10% minus $0.00 = Tax     $15,651 to $63,700 x 15% minus $782.50 = Tax     $63,701 to $128,500 x 25% minus $7,152.50 = Tax     $128,501 to $195,850 x 28% minus $11,007.50 = Tax     $195,851 to $349,700 x 33% minus $20,800.00 = Tax     $349,701 and over x 35% minus $27,794.00 = Tax     Head of Household     $0 to $11,200 x 10% minus $0.00 = Tax      $11,201 to $42,650 x 15% minus $560.00 = Tax      $42,651 to $110,100 x 25% minus $4,825.00 = Tax     $110,101 to $178,350 x 28% minus $8,128.00 = Tax     $178,351 to $349,700 x 33% minus $17,045.50 = Tax     $349,701 and over x 35% minus $24,039.50 = Tax     Married Filing Separately          $0 to $7,825 x 10% minus $0.00 = Tax     $7,826 to $31,850 x 15% minus $391.25 = Tax     $31,851 to $64,250 x 25% minus $3,576.25 = Tax     $64,251 to $97,925 x 28% minus $5,503.75 = Tax     $97,926 to $174,850 x 33% minus $10,400.00 = Tax     $174,851 and over x 35% minus $13,897.00 = Tax   Individual Deductions 2008 Standard Deductions Filing Status Standard Deduction Age 65 and Over or Blind (Each)  Married Filing Jointly $10,900 $ 1,050   Single $5,450 $ 1,350   Head of Household $8,000 $ 1,350   Married Filing Separately $5,450 $ 1,050    Legally Blind Additional $ 1,050   Dependent Children-The standard deduction may not exceed the greater of $900 or the amount of the child's earned income plus $300 (not to exceed $5,450).   2007 Standard Deductions Filing Status Standard Deduction Age 65 and Over or Blind (Each) Married Filing Jointly $10,700 $ 1,050   Single $5,350 $ 1,300   Head of Household $7,850 $ 1,300   Married Filing Separately $5,350 $ 1,050   Dependent Children-The standard deduction may not exceed the greater of $850 or the amount of the child's earned income plus $300 (not to exceed $5,350). Personal Exemption   2008 2007     $3,500 $3,400       Mileage Rates    Purpose 2008 2007     Business 50.5¢ per mile until 6/30, 58.5¢ after 6/30 48.5¢ per mile     Medical   19¢ per mile until 6/30, 27¢ per mile  after 6/30 20¢ per mile      Charitable   14¢ per mile 14¢ per mile      Moving  19¢ per mile until 6/30, 27¢ per mile  after 6/30 20¢ per mile       Social Security Information Maximum Earnings 2008 2007 Subject to: Social Security Tax $102,000  $97,500 Medicare Tax No Limit No Limit Rate Of Tax 2008 2007 Employee:     Social Security Tax 6.20% 6.20% Medicare Tax 1.45% 1.45% Self Employed: Social Security Tax 12.40% 12.40% Medicare Tax 2.90% 2.90% Maximum Tax Paid By 2008 2007 Employee:     Social Security $6324.00 $6,045.00 Medicare No Limit No Limit Self Employed: Social Security $12,648.00  $12,090.00 Medicare No Limit No Limit Maximum Amount of Earnings to Still Receive Full Benefits 2008 2007 Full Retirement Age (FRA) No Limit No Limit Year FRA reached $36,120 $34,440 Under FRA $13,560  $12,960   McClure, Inserra & Company, Chartered 1650 N. Arlington Heights Road, Arlington Heights, IL  60004  847-870-0380